Europe | Decarbonisation at the core of Draghi's industrial plan

Summary

Draghi's report regarding energy and climate presents a "joint decarbonisation and competitiveness plan”. The challenges are immense, but so are the opportunities.

Key points

• Key points:
• The report identifies the main challenges for Europe to achieve sustainable growth, with 170 concrete proposals across three main areas of action: innovation, decarbonisation and competitiveness, and security and external dependence.
• To meet these challenges, Europe needs a coherent strategy that prioritizes improving renewable energy capacity, reducing energy costs for businesses and scaling up clean technology industries, ensuring that Europe remains competitive in global markets. A “joint plan for decarbonisation and competitiveness” that matches the “Green Deal Industrial Plan”.
• The energy proposals aim to decouple price levels and volatility from short-term movements using various instruments (PPA, CfD, joint procurement of natural gas, maintaining nuclear supply), improve market efficiency (a “true” Energy Union, at least in grid investment and interconnections), and foster decarbonisation with fiscal support tailored to innovation development.

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